SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SELDIN PETER K

(Last)

(First)

(Middle)

575 LEXINGTON AVENUE

33RD FLOOR

(Street)

NEW YORK

10022

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TESCO CORP [ TESO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/18/2008		M⁽¹⁾		733	A	$0⁽²⁾	16,816	D⁽³⁾
Common Stock								6,203,850	I⁽⁴⁾	By Centennial Energy Partners, LLC as Managing Member

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	$0⁽⁵⁾	05/18/2008		M⁽¹⁾			733	⁽⁶⁾	⁽⁷⁾	Common Stock	733	$0	1,467	D

Explanation of Responses:

1. On May 18, 2007, the Reporting Person received a grant of Restricted Stock Units ("RSUs") under the Amended and Restated 2005 Tesco Corporation 2005 Incentive Plan (the "Plan"). 733 RSUs vested on May 18, 2008 and under the terms of the Plan, the Company redeemed such vested RSUs for an equal number of shares of the Company's common stock. The defined terms in this footnote are used in other footnotes throughout this Form 4.

2. The Reporting Person received 733 shares of the Company's common stock upon the vesting and redemption of an equal number of RSUs. The Reporting Person received the shares at no cost. The market value of the shares of common stock was calculated in accordance with the Plan at US$ 31.24.

3. Peter Seldin may be deemed to be a 10% holder based on his status as Managing Member of Centennial Energy Partners, LLC. Peter Seldin and Centennial Energy Partners, LLC are the "Reporting Persons".

4. Peter Seldin may be deemed to be a 10% holder based on his status as Managing Member of Centennial Energy Partners, LLC. Peter Seldin and Centennial Energy Partners, LLC are the "Reporting Persons". The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.

5. The Company redeemed 733 RSUs that vested on May 18, 2008 from a grant received on May 18, 2007. Under the terms of the Plan, there was no conversion price.

6. The RSUs vest equally over three years on the anniversary date of the grant date.

7. The RSUs expire on May 18, 2010.

Remarks:

	James A. Lank, Attorney-in-Fact	05/20/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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